Announced today.

House leaders and the White House on Thursday announced a tentative agreement on an economic stimulus package of roughly $150 billion that would pay stipends of $300 to $1,200 per family, and more for families with children, plus provide tax incentives for businesses to encourage spending.

The accord was announced by Speaker Nancy Pelosi of California, the Republican leader, Representative John A. Boehner of Ohio, and Treasury Secretary Henry M. Paulson Jr. at a Capitol news conference and hailed minutes afterward by President Bush as the fruit of “patience, determination and good will” in both parties.

The president and the speaker both described the accord as embracing the basic precepts of their respective parties. Mr. Bush called it “a powerful and effective way to help taxpayers and businesses” by letting people keep and spend more of their own money.

Ms. Pelosi said the package is aimed at the middle class “and to those who aspire to be in the middle class.” She described it as “timely, targeted and temporary — that was our standard.”

The article continues. We presume times must be hard indeed if people are “aspiring” to be in the middle class instead of aspiring to be celebrities. Perhaps our daydreams are also in a recession. And yes, it will take a while to get that check.

Lawmakers are racing to enact a stimulus measure to try to counter escalating risks of a recession. Bush said the U.S. economy faces short-term disruptions in the housing market and rising energy prices.

House Speaker Nancy Pelosi, at a press conference with House Republican Leader John Boehner and Treasury Secretary Henry Paulson at the Capitol, said the stimulus package “will put money in the hands of hardworking Americans.”

Under the plan, individuals would receive rebates of up to $600 and couples could receive $1,200, plus $300 per child, Paulson said. Rebates would be phased out for individuals earning more than $75,000 and couples earning more than $150,000. Individuals must earn at least $3,000 to get a $300 rebate.

Paulson said the rebate checks may be mailed 60 days after the proposal becomes law, possibly in May.

“This is on a fast track,” Paulson said.

Your government at work….

New York City Mayor Michael Bloomberg was quick to denounce the stimulus package.

Mayor Michael R. Bloomberg of New York City intensified his attacks on the political leadership here on Wednesday, pointing to what he called the government’s failure to fix immigration policy and other problems of immediate concern to the nation.

In a speech before a group of his fellow mayors, Mr. Bloomberg described Washington politicians as shortsighted and said their priorities often reflected crass political calculations rather than sound policy judgments.

“We all know that spending decisions in Washington are driven by whatever will attract votes and campaign cash,” he said in criticizing the government for running up enormous budget deficits over the last few years.